Tata Motors Passenger Vehicles Limited (TMPV) reported a consolidated net loss (attributable to owners) of ₹5,531 crore for the second quarter of financial year 2026–27 (Q2 FY27), weighed down heavily by ₹6,738 crore in one-time exceptional restructuring and asset impairment charges at its British luxury arm Jaguar Land Rover (JLR). Released after market hours on Friday, November 13, 2026, the quarterly scorecard stood in sharp contrast to the ₹76,170 crore net profit recorded in the same quarter last year—a figure that had been inflated by a massive one-off accounting gain from the demerger of Tata Motors’ commercial vehicles business—as well as the ₹775 crore net profit posted in Q1 FY27.
Despite the bottom-line loss, top-line momentum across both domestic passenger cars and luxury vehicles rebounded strongly. Consolidated revenue from operations jumped 34 percent year-on-year to ₹96,920 crore, up from ₹72,349 crore in Q2 FY26. Ahead of the announcement, shares of Tata Motors PV closed 3.31 percent lower at ₹287.40 on the National Stock Exchange (NSE), drawing close scrutiny from retail and institutional investors across Mumbai, Pune, Bengaluru, New Delhi, and Lucknow.
Operational Turnaround: EBITDA Swings to ₹4,866 Crore Profit
Below the revenue line, operational profitability showed a dramatic year-on-year recovery compared with the cyber-disrupted quarter a year earlier:
EBITDA Rebounds: Consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) surged to ₹4,866 crore, swinging sharply from an operating loss of ₹1,404 crore in Q2 FY26.
Margin Expansion: Consolidated EBITDA margin expanded by 630 basis points year-on-year to 6.2 percent, while EBIT margin rose 790 basis points to 1.1 percent.
Sequential Headwinds: Tata Motors PV noted that while annual comparisons benefited from JLR’s steady recovery following last year’s cyber incident, sequential margins faced pressure from an unfavorable product mix and persistently elevated commodity prices.
Jaguar Land Rover Performance and the ₹6,738 Crore Restructuring Hit
Jaguar Land Rover remained both the primary growth engine and the chief drag on consolidated net earnings during the September quarter. As the luxury automaker rebuilds production and dealer inventories following last year’s cyberattack, JLR’s Q2 revenue rose 20.3 percent year-on-year to £5.9 billion, lifting first-half (H1 FY27) revenue by 3.2 percent to £11.9 billion.
However, JLR is simultaneously executing a sweeping multi-year transformation program—dubbed Enterprise Missions—aimed at delivering £1.7 billion in structural savings over the next two years. That overhaul triggered ₹6,738 crore in net exceptional expenses during Q2 FY27, primarily comprising ₹3,776 crore in employee separation provisions and ₹2,856 crore in asset impairments. Excluding exceptional items, consolidated profit before tax stood at roughly ₹400 crore.
What MD & CEO Shailesh Chandra Said on Domestic Growth and EV Strategy
In India’s domestic passenger vehicle business, Tata Motors PV delivered record quarterly revenues of ₹20,400 crore (up 51 percent year-on-year), propelled by over 200,000 quarterly wholesale units, strong traction for the newly launched Tata Aeris compact sedan, updates to the Curvv and Sierra lineups, and a 90 percent surge in electric vehicle (EV) sales.
Commenting on the results, Shailesh Chandra, Managing Director and CEO of Tata Motors Passenger Vehicles, said:
“We registered a year-on-year revenue growth of 51 percent and our highest-ever quarterly revenues of ₹20.4 thousand crore in Q2 FY27. While steep commodity cost pressures remained a headwind, we responded through calibrated pricing and focused cost actions. Looking ahead, we remain focused on sustaining industry-beating growth, capitalizing on growing EV penetration, ramping up production capacity, and strengthening profitability.”
Tata Motors PV Q2 FY27 Financial Snapshot
| Financial Metric (Consolidated) | Q2 FY27 | Q2 FY26 | YoY Change / Remarks |
|---|---|---|---|
| Revenue from Operations | ₹96,920 Cr | ₹72,349 Cr | +34.0% YoY |
| THE EVENTS | ₹4,866 Cr | -₹1,404 Cr | Swing of +₹6,270 Cr |
| EBITDA Margin | 6.2% | -0.1% | +630 bps YoY |
| EBIT Margin | 1.1% | -6.8% | +790 bps YoY |
| Exceptional Items (Net) | -₹6,738 Cr | -₹2,608 Cr | JLR severance & impairment |
| Net Profit / (Loss) (Owners) | -₹5,531 Cr | ₹76,170 Cr* | *Q2 FY26 included CV demerger gain |
Entering Q3 FY27 on the back of record October retail and wholesale dispatches of 75,400 vehicles and upcoming electric launches from JLR in early 2027—including the Range Rover Electric and Jaguar Type 01—investors will closely watch whether stronger volumes and cost discipline translate into cleaner bottom-line profitability over the second half of the fiscal year.